that the exchange was selling its holdings of FTT because the native token of FTX was too risky.“Monthly trade volume jumped by 23% to $705 billion for the largest exchanges in November, bolstered by FTX-related volatility.” researcher Kaiko noted in a Dec. 5 newsletter. “The increase was mainly driven by Binance.”
The Bloomberg Galaxy Crypto Index tumbled about 18% in November. The index is down about 67% this year. Users seeking to pull their funds from FTX sparked the contagion spreading across the crypto industry.The difficulties at Genesis prompted crypto exchange Gemini to halt redemptions from its Earn product.its assets and wallet addresses where the exchange stores the customers’ funds in an attempt to improve transparency.
“Binance may benefit, despite not having an official headquarters, because it has projected an image of strength through the crisis with the best liquidity of any centralized exchange,” according to the newsletter. The fall of FTX can also benefit US-regulated exchanges such as Coinbase and Kraken, which have gone through significantTrading volume from the exchanges were on the rise in November as well, while activity on smaller exchanges fell, given the higher volume from users and institutions who have become wary of off-shore exchanges, according to the newsletter.
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